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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Xylem, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>nVent Finance SARL</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>Concentrix Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CNH Industrial Capital LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-12</maturityDt>
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        <name>State of Oregon</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-01</maturityDt>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>SCE Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Conagra Brands, Inc.</name>
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        <name>European Investment Bank</name>
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          <couponKind>Fixed</couponKind>
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        <name>SCE Recovery Funding LLC</name>
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        <name>AES Corp. (The)</name>
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        <name>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors, Inc.</title>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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        <balance>3870017.16000000</balance>
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        <valUSD>3873368.90000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tesla Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Tesla Auto Lease Trust, Series 2023-A, Class B</title>
        <cusip>88167PAE8</cusip>
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          <isin value="US88167PAE88"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1009020.40000000</valUSD>
        <pctVal>0.115586070338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.41000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133BJPG1</cusip>
        <identifiers>
          <isin value="US3133BJPG13"/>
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        <balance>2485381.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2310805.16000000</valUSD>
        <pctVal>0.264709105744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XJMM2</cusip>
        <identifiers>
          <isin value="US3140XJMM21"/>
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        <balance>2688835.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2577031.69000000</valUSD>
        <pctVal>0.295206089178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1</title>
        <cusip>207932AA2</cusip>
        <identifiers>
          <isin value="US207932AA28"/>
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        <balance>1285905.15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1321300.72000000</valUSD>
        <pctVal>0.151358642461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.72071840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp.</title>
        <cusip>14448CAR5</cusip>
        <identifiers>
          <isin value="US14448CAR51"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>391734.68000000</valUSD>
        <pctVal>0.044874288246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital Impact Partners</name>
        <lei>N/A</lei>
        <title>Capital Impact Partners</title>
        <cusip>14020AEK6</cusip>
        <identifiers>
          <isin value="US14020AEK60"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499928.21000000</valUSD>
        <pctVal>0.057268155574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M1</title>
        <cusip>20755DAA4</cusip>
        <identifiers>
          <isin value="US20755DAA46"/>
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        <balance>1724534.46790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1771149.32000000</valUSD>
        <pctVal>0.202890040559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.87038840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tesla Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Tesla Auto Lease Trust, Series 2024-A, Class B</title>
        <cusip>88166VAF3</cusip>
        <identifiers>
          <isin value="US88166VAF31"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>750577.95000000</valUSD>
        <pctVal>0.085980774742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</title>
        <cusip>161175BA1</cusip>
        <identifiers>
          <isin value="US161175BA14"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>695670.31000000</valUSD>
        <pctVal>0.079690953110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.48400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KRKE3</cusip>
        <identifiers>
          <isin value="US3133KRKE35"/>
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        <balance>1834597.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1883425.24000000</valUSD>
        <pctVal>0.215751556923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I</title>
        <cusip>36194SPD4</cusip>
        <identifiers>
          <isin value="US36194SPD44"/>
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        <balance>1563007.82000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1401593.83000000</valUSD>
        <pctVal>0.160556439711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661EP8</cusip>
        <identifiers>
          <isin value="US548661EP88"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1243192.83000000</valUSD>
        <pctVal>0.142411168191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vivint Solar Financing V LLC</name>
        <lei>N/A</lei>
        <title>Vivint Solar Financing V LLC, Series 2018-1A, Class A</title>
        <cusip>92854VAA3</cusip>
        <identifiers>
          <isin value="US92854VAA35"/>
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        <balance>881079.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>822779.53000000</valUSD>
        <pctVal>0.094251664909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.73000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MTE41</cusip>
        <identifiers>
          <isin value="US3140MTE417"/>
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        <balance>2794079.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2662667.36000000</valUSD>
        <pctVal>0.305015891414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
        <lei>549300ZLA8SW2SVJMN33</lei>
        <title>Mosaic Solar Loan Trust, Series 2017-1A, Class A</title>
        <cusip>61946EAA6</cusip>
        <identifiers>
          <isin value="US61946EAA64"/>
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        <balance>339152.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>326063.95000000</valUSD>
        <pctVal>0.037351524963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
        <cusip>015271BC2</cusip>
        <identifiers>
          <isin value="US015271BC21"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2454690.40000000</valUSD>
        <pctVal>0.281191556913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC, Series A-1</title>
        <cusip>78433LAG1</cusip>
        <identifiers>
          <isin value="US78433LAG14"/>
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        <balance>2168458.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2105383.86000000</valUSD>
        <pctVal>0.241177529147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tesla Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Tesla Auto Lease Trust, Series 2023-B, Class B</title>
        <cusip>88167QAE6</cusip>
        <identifiers>
          <isin value="US88167QAE61"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1418330.48000000</valUSD>
        <pctVal>0.162473669139</pctVal>
        <payoffProfile>Long</payoffProfile>
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      <invstOrSec>
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        <name>FHLMC Pool</name>
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        <name>Inter-American Development Bank</name>
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        <name>Pentair Finance SARL</name>
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        <name>Nature Conservancy (The)</name>
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        <name>MetLife, Inc.</name>
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        <name>Royal Bank of Canada</name>
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        <name>American Tower Corp.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Amgen, Inc.</name>
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        <name>Zoetis, Inc.</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Inter-American Development Bank</name>
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        <name>FNMA</name>
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        <name>Sunnova Helios II Issuer LLC</name>
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        <name>United States International Development Finance Corp.</name>
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        <name>FNMA</name>
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        <name>American University (The)</name>
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        <name>Norfolk Southern Corp.</name>
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        <name>Envest Microfinance Cooperative</name>
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        <name>FHLMC</name>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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          <isin value="US61946NAA63"/>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance</name>
        <lei>N/A</lei>
        <title>Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A4</title>
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        <name>Kommunalbanken A/S</name>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KSG1, Class A2</title>
        <cusip>3137FXLX4</cusip>
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        <balance>651000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Laboratory Corp. of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>Laboratory Corp. of America Holdings</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2</title>
        <cusip>20754RAB2</cusip>
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        <invCountry>US</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140L56H4</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XCGX0</cusip>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XHVN4</cusip>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Assured Guaranty US Holdings, Inc.</name>
        <lei>5493007YCE0652G9TZ64</lei>
        <title>Assured Guaranty US Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818GF9</cusip>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Niagara Mohawk Power Corp.</name>
        <lei>3T97Y9RR5EN5Y18QHB56</lei>
        <title>Niagara Mohawk Power Corp.</title>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NCL3</cusip>
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        <balance>2750000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818FT0</cusip>
        <identifiers>
          <isin value="US907818FT00"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <name>AbbVie, Inc.</name>
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        <name>American Museum of Natural History (The)</name>
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        <name>Loanpal Solar Loan Ltd.</name>
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      <invstOrSec>
        <name>HPEFS Equipment Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Raza Development Fund, Inc.</name>
        <lei>549300QVY1AEBVISDS59</lei>
        <title>Raza Development Fund, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Discovery Communications LLC</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>Discovery Communications LLC</title>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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          <isin value="US42824CAY57"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>QUALCOMM, Inc.</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM, Inc.</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DNSX2</cusip>
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          <isin value="US3132DNSX20"/>
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        <balance>1786616.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1717771.45000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2018-M4, Class A2</title>
        <cusip>3136B1XJ8</cusip>
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          <isin value="US3136B1XJ86"/>
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        <curCd>USD</curCd>
        <valUSD>1000829.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140X8QV2</cusip>
        <identifiers>
          <isin value="US3140X8QV21"/>
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        <balance>1919289.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1611456.03000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>AGCO Corp.</name>
        <lei>LYOM0B2GCF1JWXK5ZG04</lei>
        <title>AGCO Corp.</title>
        <cusip>001084AR3</cusip>
        <identifiers>
          <isin value="US001084AR30"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004904.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RMT6</cusip>
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          <isin value="US00206RMT67"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SB52"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>986185.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769GQ1</cusip>
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          <isin value="US500769GQ12"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2904885.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq, Inc.</title>
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          <isin value="US63111XAH44"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Sequoia Mortgage Trust</name>
        <lei>549300ZUG1L9OO3W6B29</lei>
        <title>Sequoia Mortgage Trust, Series 2018-CH1, Class A19</title>
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          <isin value="US81747DAU37"/>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XGAC3</cusip>
        <identifiers>
          <isin value="US3140XGAC38"/>
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        <balance>3213631.67000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133AJT94</cusip>
        <identifiers>
          <isin value="US3133AJT945"/>
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        <balance>2453078.01000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2030699.97000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
        <title>FHF Issuer Trust, Series 2024-1A, Class A2</title>
        <cusip>31568AAB2</cusip>
        <identifiers>
          <isin value="US31568AAB26"/>
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        <balance>833000.00000000</balance>
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        <valUSD>833426.16000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.69000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>nVent Finance SARL</name>
        <lei>549300KO1OQ4MVFB6X02</lei>
        <title>nVent Finance SARL</title>
        <cusip>67078AAF0</cusip>
        <identifiers>
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        <name>FHLMC</name>
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      <invstOrSec>
        <name>American Water Capital Corp.</name>
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        <name>Sunnova Sol Issuer LLC</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Kaiser Foundation Hospitals</name>
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        <name>Campbell Soup Co.</name>
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        <name>Bank of America Corp.</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <invCountry>DE</invCountry>
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        <name>CEI Investments LLC</name>
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        <name>Capital Impact Partners</name>
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        <name>Agilent Technologies, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>SBA Small Business Investment Cos.</name>
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        <name>FARM Mortgage Trust</name>
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        <name>MDC Holdings, Inc.</name>
        <lei>5299005FV4VNV75R8R35</lei>
        <title>MDC Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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        <name>FFCB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>College Ave Student Loans LLC</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Sunnova Helios II Issuer LLC</name>
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        <name>Mill City Solar Loan Ltd.</name>
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        <name>Inter-American Development Bank</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Intel Corp.</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>Flagstar Mortgage Trust</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>European Investment Bank</name>
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        <name>Century Housing Corp.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Angel Oak Mortgage Trust</name>
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          <isin value="US03464HAA32"/>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <name>USAA Capital Corp.</name>
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        <title>USAA Capital Corp.</title>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <name>SBA Tower Trust</name>
        <lei>N/A</lei>
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        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785JH0</cusip>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2018-M13, Class A2</title>
        <cusip>3136B3DE7</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058JU8</cusip>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1</title>
        <cusip>20754RAF3</cusip>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
        <cusip>855244AU3</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
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          <isin value="US6903538B62"/>
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        <curCd>USD</curCd>
        <valUSD>833333.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
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      <invstOrSec>
        <name>SoFi Professional Loan Program LLC</name>
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        <curCd>USD</curCd>
        <valUSD>1722333.66000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0DV7</cusip>
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          <isin value="US4581X0DV77"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1852235.18000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
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      <invstOrSec>
        <name>BlueHub Loan Fund, Inc.</name>
        <lei>N/A</lei>
        <title>BlueHub Loan Fund, Inc., Series 2020</title>
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          <isin value="US095623AA21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>886480.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.89000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kimco Realty OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
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          <isin value="US49446RBA68"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Life Global Funding I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>Metropolitan Life Global Funding I</title>
        <cusip>59217GEJ4</cusip>
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          <isin value="US59217GEJ40"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2846745.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0EJ3</cusip>
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          <isin value="US4581X0EJ31"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1870998.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058KW2</cusip>
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          <isin value="US459058KW25"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>555945.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MQBP3</cusip>
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          <isin value="US3140MQBP33"/>
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        <balance>3576257.88000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3216790.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>SBA Tower Trust</name>
        <lei>N/A</lei>
        <title>SBA Tower Trust</title>
        <cusip>78403DAV2</cusip>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.84000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Sunnova Helios XIII Issuer LLC</name>
        <lei>N/A</lei>
        <title>Sunnova Helios XIII Issuer LLC, Series 2024-A, Class A</title>
        <cusip>86745CAA0</cusip>
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          <isin value="US86745CAA09"/>
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        <curCd>USD</curCd>
        <valUSD>767743.62000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>Mill City Solar Loan Ltd.</name>
        <lei>N/A</lei>
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        <cusip>59982WAA5</cusip>
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          <isin value="US59982WAA53"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-20</maturityDt>
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      <invstOrSec>
        <name>Avantor Funding, Inc.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Funding, Inc.</title>
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          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>American Tower Trust #1</name>
        <lei>5493004YGM0MQZJOEJ36</lei>
        <title>American Tower Trust #1</title>
        <cusip>03027WAM4</cusip>
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          <isin value="US03027WAM47"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-03-15</maturityDt>
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          <annualizedRt>5.49000000</annualizedRt>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058KR3</cusip>
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        <balance>4500000.00000000</balance>
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        <valUSD>4174987.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-31</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QGGN1</cusip>
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          <isin value="US3140QGGN12"/>
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        <balance>1454989.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1231734.42000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DTE Electric Co.</name>
        <lei>9N0FWODEJVKHC2DYLO03</lei>
        <title>DTE Electric Co., Series A</title>
        <cusip>23338VAN6</cusip>
        <identifiers>
          <isin value="US23338VAN64"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1345990.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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      <invstOrSec>
        <name>GNMA</name>
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        <name>United States International Development Finance Corp.</name>
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        <title>United States International Development Finance Corp.</title>
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        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Foundation Finance Trust</name>
        <lei>5493002KPTN6JUQ40J20</lei>
        <title>Foundation Finance Trust, Series 2019-1A, Class A</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <name>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC</name>
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        <cusip>01309QAA6</cusip>
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        <name>Sequoia Mortgage Trust</name>
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        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
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        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
        <title>Haleon US Capital LLC</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661ER4</cusip>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>FNMA</name>
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        <name>Service Experts Issuer LLC</name>
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        <name>PG&amp;E Recovery Funding LLC</name>
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        <name>United States International Development Finance Corp.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC</name>
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        <name>European Bank for Reconstruction &amp; Development</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp., Series 4</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2019-M1, Class A2</title>
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        <name>Bank of America Corp.</name>
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        <name>Massachusetts Institute of Technology</name>
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        <name>Alcoa Nederland Holding BV</name>
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        <name>Morgan Stanley</name>
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        <name>Citizens Financial Group, Inc.</name>
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        <name>FNMA</name>
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        <name>California Endowment (The)</name>
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        <name>Union Electric Co.</name>
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        <name>National Bank of Canada</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>GoodLeap Sustainable Home Solutions Trust</name>
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        <name>FNMA</name>
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        <name>Aptiv plc / Aptiv Corp.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States International Development Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Warnermedia Holdings, Inc.</name>
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      <invstOrSec>
        <name>Ball Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-03</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Sprint Capital Corp.</name>
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        <title>Sprint Capital Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <name>Frontier Issuer LLC</name>
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        <name>Elevance Health, Inc.</name>
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        <name>Solventum Corp.</name>
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          <annualizedRt>5.60000000</annualizedRt>
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        <name>International Finance Corp.</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
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        <name>Citigroup, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Century Housing Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>United States of America</name>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services, Inc.</title>
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        <name>Chubb INA Holdings, Inc.</name>
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        <name>Southern Power Co.</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Helios Issuer LLC</name>
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        <name>European Bank for Reconstruction &amp; Development</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>FNMA</name>
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        <name>J M Smucker Co. (The)</name>
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        <name>Loanpal Solar Loan Ltd.</name>
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        <name>SBA Small Business Investment Cos.</name>
        <lei>N/A</lei>
        <title>SBA Small Business Investment Cos., Series 2023-10B, Class 1</title>
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        <debtSec>
          <maturityDt>2033-09-10</maturityDt>
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      <invstOrSec>
        <name>Assured Guaranty US Holdings, Inc.</name>
        <lei>5493007YCE0652G9TZ64</lei>
        <title>Assured Guaranty US Holdings, Inc.</title>
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        <name>Northern States Power Co.</name>
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        <name>FNMA</name>
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        <name>Broadcom, Inc.</name>
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        <name>FNMA</name>
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        <name>International Development Association</name>
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        <name>Sunrun Athena Issuer LLC</name>
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        <name>Expedia Group, Inc.</name>
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        <name>HealthEquity, Inc.</name>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Pattern Energy Operations LP / Pattern Energy Operations, Inc.</name>
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        <name>FNMA</name>
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          <maturityDt>2052-04-01</maturityDt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Fiserv, Inc.</name>
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        <name>FHLMC Pool</name>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2052-11-01</maturityDt>
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        <name>Church &amp; Dwight Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <title>Kreditanstalt fuer Wiederaufbau</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-15</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Calvert Impact Capital, Inc.</name>
        <lei>549300B32FCKBWZSDR33</lei>
        <title>Calvert Impact Capital, Inc.</title>
        <cusip>13161GWR9</cusip>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Mosaic Solar Loan Trust</name>
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      <invstOrSec>
        <name>Nestle Capital Corp.</name>
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        <name>GNMA</name>
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        <name>GNMA</name>
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        <name>AbbVie, Inc.</name>
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        <name>Triumph Rail Holdings LLC</name>
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        <name>International Finance Corp.</name>
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        <name>Novant Health, Inc.</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Chubb INA Holdings, Inc.</name>
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        <name>Esab Corp.</name>
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        <name>HCA, Inc.</name>
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        <name>Clearway Energy Operating LLC</name>
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        <name>Niagara Mohawk Power Corp.</name>
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        <name>WK Kellogg Foundation Trust</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
        <lei>N/A</lei>
        <title>Mosaic Solar Loan Trust, Series 2019-1A, Class A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Investment Bank</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>IDEX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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          <maturityDt>2053-04-20</maturityDt>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Southwestern Public Service Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Leeward Renewable Energy Operations LLC</name>
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        <name>FNMA</name>
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        <name>Foundation Finance Trust</name>
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        <name>State of California</name>
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        <name>European Bank for Reconstruction &amp; Development</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Kommunalbanken A/S</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
        <title>Kommunalbanken A/S</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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        <balance>2000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-14</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNG Bank NV</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-24</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-10</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Graphic Packaging International LLC</name>
        <lei>SO75N4VY5NXGQSK8YQ65</lei>
        <title>Graphic Packaging International LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
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      <invstOrSec>
        <name>OneMain Financial Issuance Trust</name>
        <lei>N/A</lei>
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          <isin value="US68267HAA59"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-14</maturityDt>
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      <invstOrSec>
        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
        <title>Southern Power Co.</title>
        <cusip>843646AW0</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.10000000</annualizedRt>
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      <invstOrSec>
        <name>Tricon American Homes Trust</name>
        <lei>N/A</lei>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769KB9</cusip>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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      <invstOrSec>
        <name>NSTAR Electric Co.</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR Electric Co.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140X8AZ0</cusip>
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        <balance>2964355.24000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ontario Teachers' Finance Trust</name>
        <lei>635400ZZE5J8OXXBBY26</lei>
        <title>Ontario Teachers' Finance Trust</title>
        <cusip>68329AAH1</cusip>
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        <balance>1000000.00000000</balance>
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        <name>Ford Foundation (The)</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Zoetis, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Welltower OP LLC</name>
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        <name>PACEWell 5 Trust</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>KLA Corp.</name>
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        <name>Sunnova Helios V Issuer LLC</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Becton Dickinson &amp; Co.</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>Becton Dickinson &amp; Co.</title>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <name>Toyota Motor Corp.</name>
        <lei>5493006W3QUS5LMH6R84</lei>
        <title>Toyota Motor Corp.</title>
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        <invCountry>JP</invCountry>
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        <name>PG&amp;E Energy Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Block, Inc.</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
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          <isin value="US35565LAH96"/>
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        <balance>943291.85000000</balance>
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        <curCd>USD</curCd>
        <valUSD>977466.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140X5UV3</cusip>
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          <isin value="US3140X5UV36"/>
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        <balance>2374546.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2166752.06000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QSAW1</cusip>
        <identifiers>
          <isin value="US3140QSAW13"/>
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        <balance>3779868.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3767065.62000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GYC2</cusip>
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          <isin value="US38141GYC22"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>564334.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.21000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG02, Class A2</title>
        <cusip>3137FPHR9</cusip>
        <identifiers>
          <isin value="US3137FPHR97"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1800236.00000000</valUSD>
        <pctVal>0.206221999993</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.41200000</annualizedRt>
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        <name>Doris Duke Charitable Foundation (The)</name>
        <lei>HFI2KJN5A6RHAGMWK984</lei>
        <title>Doris Duke Charitable Foundation (The), Series 2020</title>
        <cusip>258261AA4</cusip>
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          <isin value="US258261AA48"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.34500000</annualizedRt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RKJ04"/>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2053-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Cogent Communications Group, Inc.</name>
        <lei>549300KFWFYF8Q1U0Y26</lei>
        <title>Cogent Communications Group, Inc.</title>
        <cusip>19240CAE3</cusip>
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          <isin value="US19240CAE30"/>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>NXP BV / NXP Funding LLC / NXP USA, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US62954HBB33"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2033-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QFQC6</cusip>
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          <isin value="US3140QFQC63"/>
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        <balance>1577098.66000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KSG4, Class A2</title>
        <cusip>3137H92X6</cusip>
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          <isin value="US3137H92X60"/>
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        <balance>2000000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2032-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.39999840</annualizedRt>
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      <invstOrSec>
        <name>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc.</title>
        <cusip>920253AE1</cusip>
        <identifiers>
          <isin value="US920253AE15"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231228.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162DJ6</cusip>
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        <balance>500000.00000000</balance>
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        <name>Nordic Investment Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SLG Office Trust</name>
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        <name>Progressive Corp. (The)</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>SoFi Professional Loan Program LLC</name>
        <lei>N/A</lei>
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        <name>WLB Asset VI Pte. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Seattle Children's Hospital</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
        <lei>5493000FQO8XF9C0RT95</lei>
        <title>Pfizer Investment Enterprises Pte. Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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    <signature>
      <ncom:dateSigned>2024-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IMPAX FUNDS SERIES TRUST I</ncom:nameOfApplicant>
      <ncom:signature>Alicia DuBois</ncom:signature>
      <ncom:signerName>Alicia DuBois</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
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</edgarSubmission>
